🆕💰⚡ Are you familiar with the Three Black Crows candlestick pattern in binary options trading?
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This pattern is a bearish reversal pattern formed by three consecutive long-bodied black candles with lower lows and lower highs. Each candle opens within the body of the previous candle and closes near the low, indicating strong selling pressure and a potential shift in market sentiment.
📌Spotting it on a chart
1. Look for a prevailing uptrend.
2. Three consecutive long black candles form, with each closing near the low of the session.
3. Lower lows and lower highs are observed with each candle.
4. The pattern suggests a reversal of the uptrend and a potential downtrend ahead.
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📌Trading strategies
1. Bearish Continuation: Once the pattern is confirmed, traders may consider entering a PUT option to capitalize on the anticipated downtrend.
2. Wait for Confirmation: Wait for the next candle to open lower or close below the third black candle to confirm the reversal before entering a trade.
3. Combination with Other Indicators: Use other technical indicators such as RSI or MACD to confirm the reversal signal provided by the Three Black Crows pattern.
Remember, as with any trading strategy, it's essential to manage risk and use proper risk management techniques.
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